It is a valid word meaning to be fixed in, stay or reside, as in "She is lodging with her cousin while studying at the University." You can find it in literature and maybe some rather formal people might use it this way. It is correct and you should know it at least passively in this sense but it is not common in conversation. It is more common in the expression "to lodge a complaint with (some official entity)" and sometimes you may hear or read "(the bullet) lodged in (his spine)." It is a useful word but not one that would make a list of essential vocabulary.